Rowan Companies (RDC): Share price defines bullish 'flag'

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Rowan Companies (RDC): Share price defines bullish 'flag'
May 29, 2008 02:55 PM UTC

Larry Schutts

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Symbol	Sentiment	Start	Return	Closed
RDC		05/29/08	-45.80%	--

Via BloggingStocks:

Filed under: Analyst upgrades and downgrades, Good news, Technical Analysis, Stocks to Buy

Rowan Companies (NYSE: RDC) provides a range of onshore and offshore contract drilling services to the petroleum industry. The firm operates a fleet of 21 self-elevating mobile offshore drilling platforms and 29 deep-well land drilling rigs. It also manufactures and markets drilling products and systems for the oil and gas, marine, mining and dredging industries. Subsidiary LeTourneau Technologies operates a mini-steel mill and manufactures front-end loaders, log stackers and gantry cranes.

Investors were pleased two weeks ago, when UBS started coverage of the U.S. offshore drilling sector with a positive stance. The action was based on a healthy longer-term macroeconomic outlook, strong commodity prices and increasing demand for offshore rigs. Rowan was initiated with a "buy" and a $53 price target.

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